VF Corp.’s Fourth Quarter Boosted by The North Face
VF Corp. reported sales rose 12 percent on a currency-neutral basis in the fiscal fourth quarter ended April 2 with sales ahead 24 percent for The North Face and 2 percent for Vans. Earnings per share were ahead 67 percent with both earnings and sales in line with Wall Street targets. For the current fiscal year, VF’s revenue is expected to climb at least 7 percent in constant dollars with low double-digit growth at The North Face and mid-single-digit growth at Vans.
Canada Goose Posts Surprise Profit In Fiscal Fourth Quarter
Canada Goose Holdings Inc forecast annual earnings and revenue above Wall Street expectations after reporting a surprise fiscal fourth-quarter profit.
Kohl’s Q1 Falls Far Short Of Earnings Expectations
Kohl’s reported earnings in the first quarter came in well below Wall Street’s targets as same-store sales fell 5.2 percent. The retailer significantly lowered its guidance for the year.
Senior Executives Step Down From Kohl’s
Kohl’s Corp. announced in a regulatory filing Wednesday that Chief Marketing Officer Greg Revelle is departing in June and Chief Merchandising Officer Doug Howe will leave immediately.
Patrick Frisk To Step Down From Under Armour As President And CEO
Under Armour, Inc. announced that Patrik Frisk will step down as president and CEO and as a member of its Board of Directors effective June 1, 2022. The board has initiated an internal and external search for Frisk’s replacement. Colin Browne, Under Armour’s COO, has taken the helm as interim president and CEO effective June 1, 2022.
Century 21 To Reopen Manhattan Flagship Store
Century 21 announced plans to reopen in Spring 2023 at its former location near the World Trade Center in downtown Manhattan. The reopening comes two years after the store closed due to the pandemic.
Nike’s Diversity Chief To Exit; New DEI Officer Hired
Felicia Mayo, who has worked as Nike’s chief talent, diversity and culture officer since July 2020, is leaving the company at the end of July 2022, according to an internal memo obtained by The Financial Times.
TJX Sees Q1 Sales Below Expectations
The TJX Companies, Inc. reported earnings in the first quarter topped Wall Street’s guidance, but sales were below plan, and the retailer lowered its U.S. growth guidance for the year.
NSGA Sports Participation Report Shows Rebound From COVID-19 In Some Areas
Relaxed COVID-19 restrictions, which gave people the ability to return to some of their traditional activities in 2021, was reflected in the 10 segments tracked for the 2022 edition of the National Sporting Goods Association’s (NSGA) Sports Participation in the U.S. report.
Nike Ends Sponsorship Of Spartak Moscow
Nike has ended its 17-year cooperation with Russian Premier League Football club Spartak Moscow after the team was ruled out of next season’s European competitions because of Russia’s invasion of Ukraine.
Kappa Replaces Spyder As Outfitter Of U.S. Ski & Snowboard Team
Italian sportswear brand Kappa signed a multi-year sponsorship with U.S. Ski & Snowboard to be the official technical apparel partner of the U.S. Ski Team. Kappa replaces Spyder, which had the ski team’s apparel deal for the past 33 years.
April Sales Climb 8.2 Percent Year-Over-Year
The U.S. Census Bureau said overall retail sales in April were up 0.9 percent seasonally adjusted from March and up 8.2 percent year-over-year. That compared with increases of 1.4 percent month-over-month and 7.3 percent year-over-year in March.
ThredUP Releases 10th Annual Resale Report
ThredUP released the results of the 2022 Resale Report that predicts the U.S. secondhand market will more than double by 2026, reaching $82 billion.
Obit: Shelby Modell
Shelby Modell, matriarch of the longtime family-owned Modell’s Sporting Goods chain and a noted philanthropist, passed away at the age of 98.
Itochu Secures Reebok’s Rights In Japan
Itochu Corp reached an agreement with Authentic Brands Group (ABG) for rights to distribute market and license Reebok in Japan.
